Thursday, November 20, 2008

Big Three Bailout: Not So Fast

CNN is reporting this afternoon that while Congress intends to keep the Big Three afloat, they will need to show what it is they are going to do with the $25 Billion they are after. Said Pelosi: "This is an important industry in our country and we intend to save it. Until they show us a plan we cannot show them the money."

While I don't think a bailout of the Big Three is a great idea (they got themselves into this mess, let them go to bankruptcy court and get themselves out, not to mention the first bailout was supposed to get credit flowing again), there is no doubt in my mind that it will happen. I am at least encouraged that Congress is not going to simply throw good money after bad. But, here's the catch; most of the members of Congress are going to be leaving town on Thursday, and aren't expected back until next year. So, if this doesn't get done by Thursday... things will get interesting, fast.

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